Trump and Xi Hold Beijing Summit, Agree to Create Trade Board and Discuss Major Investments

President Donald Trump left Beijing after a two-day summit with Chinese leader Xi Jinping, declaring he had struck "fantastic trade deals, great for both countries" even as few concrete agreements were announced. The meetings, which took place on Wednesday and the following day, ended 43 minutes before publication.

Trump was accompanied by approximately 30 CEOs in a high-profile business delegation spanning agriculture, aviation, electric vehicles and AI chips.

U.S. president invited Xi to the White House in September. Trump also said China is going to invest hundreds of billions of dollars with the business leaders who travelled to China and that China had agreed to order 200 Boeing planes.

-made commercial jets in nearly a decade. Beijing did not confirm any major purchases including the Boeing order. U.S. economic and trade relations is mutual benefit and win-win co-operation and that both sides should work to implement the important consensus reached by the two leaders.

The trade truce was agreed in October. The tariff truce is due to expire in November. U.S. Trade Representative Jamieson Greer told Bloomberg TV that a decision was yet to be made on extending the truce beyond November.

Both leaders agreed to establish a Board of Trade to manage the relationship. U.S. Treasury Secretary Scott Bessent said he expected progress on a mechanism to support future investment. U.S. officials have cautioned that there is a lot of work to be done before these announcements can go into effect.

One of the most closely watched moments came as Air Force One touched down in Beijing on Wednesday night. Elon Musk stepped off the plane ahead of senior officials including Pete Hegseth, Marco Rubio and Jamieson Greer. Musk and Nvidia CEO Jensen Huang stayed close to Trump during the welcome ceremony and were prominent during the banquet.

Jensen Huang was not originally meant to be part of the delegation but joined the trip. U.S. export controls currently prohibit Nvidia from selling advanced chips to China. Jamieson Greer said export controls were not a major talking point at the summit.

U.S. agricultural products have been firmed up. U.S. business leaders that China's doors will open wider and that American firms would have broader prospects in the Chinese market.

Xi called for expanded co-operation in trade, agriculture, healthcare, tourism and law enforcement. U.S. relations and if mishandled, the two nations could collide or even come into conflict.

Trump said Xi told him that he would like to help on opening the Hormuz Strait if he can be of any help whatsoever. The Chinese foreign ministry called for a comprehensive and lasting ceasefire and said shipping lanes should be reopened as soon as possible. BBC News reported that the visit was defined more by warm rhetoric and symbolism than concrete announcements.

The summit occurred against the backdrop of the Iran war and resulting blockade of the Hormuz Strait, which has increased China's import costs. Discussions between the two sides are expected to continue ahead of the planned September meeting at the White House.